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Open Banking API

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OPEN BANKING API

The Leading Open Banking API for Financial Institutions

The rise of Fintech has created a world that demands interoperability, security and simplicity in financial management. Financial Institutions must take an active role in supporting their customers’ demands within this broad and complex ecosystem of apps/software requiring financial data to function. Ninth Wave Connect™, our open banking API solution, is designed for purpose-built financial data sharing.

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Ninth Wave Connect is an open banking API for FIs that allows consumer and business customers to securely and reliably share financial data with 3rd party applications.

Features

Open Banking API | Financial Data Sharing

Ninth Wave Connect is the foundational product connecting financial data to the Ninth Wave platform, opening up data and services through industry standard APIs for 3rd party consumption. Ninth Wave Direct further extends this value through native two-way integrations into the top accounting systems and software packages used by your business customers.

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  • Three legged OAuth with integration to FI identity management platform and authentication server
  • Dynamic registration of Fintech end users
  • Configurable T&Cs (policy management)
  • Customer level revocation of data sharing permissions through NW Portal (also available as a OLB module+)
  • Verifiable user consent at an app/account level
  • Onboarding and support for developers using the NW API​
  • Connectivity to the NW Platform for subscribed account types (retail /commercial checking, savings, loans, credit card, brokerage, 401k, trust, tax statements)
  • Real-time transfer of data from FI data source(s) to the Ninth Wave platform through your preferred format and method
  • Industry standard (FDX certified) API for Fintech/Aggregator access to NW Services with a white labeled developer’s portal and sandbox environment
  • Adhere to proposed CFPB Dodd Frank 1033 rule for retail and small business banking and credit cards
  • Support for migration of industry screen scraping traffic to NW platform from Finicity, Intuit, MX, Yodlee
  • NW Portal access for application management, user provisioning and reporting (traffic management also available upon request+)
  • Maintenance and upkeep of integration connectors, adaptors and exchange formats
  • 24 x 7 Tier 2 support
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Download the Ninth Wave Connect fact sheet here!

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NINTH WAVE CONNECT

Your Open Finance Solution for Secure Data Sharing

  • Enables customers use of Fintech apps servicing a multitude of use cases in personal financial management, accounting reconciliation, payments, tax preparation and wealth management
  • Saves FI time and money by outsourcing the complexity involved with app integrations and certification processes
  • Provides FI early adherence to upcoming CFPB Dodd Frank 1033 regulation
  • Decreases connectivity complaints coming into the FI call center and overall customer satisfaction
  • Strengthens an FI’s brand and reputation by elevating security and eliminating screen scraping practices - Ninth Wave never stores user or account data
  • Gives FI control to approve/remove 3rd party access and restrict the data elements available for sharing
  • Gives the customer control over accounts to be permissioned for data sharing
Ninth Wave Connect Consent Management

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Frequently Asked Questions​

What is an open banking API?

An open banking API is a standardized interface that allows financial institutions to securely share customer financial data with authorized third-party applications. Rather than customers manually exporting statements or granting third parties their banking credentials, an open banking API enables permissioned, real-time data sharing through industry-standard protocols. Ninth Wave Connect is an FDX-certified open banking API built specifically for financial institutions, supporting use cases across personal financial management, accounting reconciliation, payments, tax preparation, and wealth management.

Screen scraping requires third-party apps to log into a customer’s bank account using their actual credentials and extract data by mimicking a browser session, which is insecure, unreliable, and gives the FI no visibility or control. Ninth Wave Connect eliminates screen scraping by replacing those credential-based connections with a secure, permissioned API layer. Customers authorize data sharing directly through their financial institution, and Ninth Wave Connect supports migration of existing screen scraping traffic from aggregators including Finicity, Intuit, MX, and Yodlee onto the Ninth Wave platform. Critically, Ninth Wave never stores user or account data.

Auth 2.0 is an authorization framework that allows a customer to grant a third-party application access to their financial data without sharing their banking username and password. In open banking, this works through a “three-legged” flow: the customer, the financial institution, and the third-party app each play a distinct role. The customer logs in through their bank’s own identity and authentication system, approves the specific data they want to share, and a secure token is issued to the third party in place of credentials. Ninth Wave Connect uses three-legged OAuth integrated with the FI’s existing identity management platform, enabling verifiable user consent at both the app and account level.

Open banking APIs are used by retail banks, commercial banks, credit unions, credit card issuers, and wealth management firms to give their customers secure, permissioned access to financial data from third-party applications. Financial institutions adopt open banking APIs to reduce call center complaints, comply with emerging regulations like the CFPB Dodd-Frank 1033 rule, and eliminate risky screen scraping practices. Ninth Wave Connect serves FIs across retail banking, business banking, wealth management, credit card issuers, and tax services, providing a single platform to manage data sharing across a broad ecosystem of fintech applications and aggregators.
Open banking refers specifically to the permissioned sharing of bank account data, including transactions, balances, and payment initiation, with authorized third-party applications. Open finance is a broader concept that extends those same principles across a wider range of financial products and institutions, including brokerage accounts, 401(k) plans, loans, trust accounts, insurance, and tax statements. Ninth Wave Connect supports both, with connectivity across subscribed account types that span retail and commercial checking, savings, loans, credit cards, brokerage, 401(k), trust, and tax statements, making it a true open finance platform rather than a narrowly defined open banking solution.
A financial data exchange API is a standardized interface that enables the secure, permissioned transfer of financial account data between a financial institution and authorized third-party applications. The Financial Data Exchange (FDX) is an industry body that maintains the open API standard widely adopted across the financial services industry to ensure interoperability, security, and consistency in how data is shared. Ninth Wave Connect is FDX-certified, meaning it adheres to that industry standard and provides fintechs and aggregators with a white-labeled developer portal and sandbox environment to build and test integrations against a consistent, compliant API specification.
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